Jefferies Group Begins Coverage on Gener8 Maritime (GNRT)

Jefferies Group assumed coverage on shares of Gener8 Maritime (NYSE:GNRT) in a research report released on Monday, December 18th. The firm issued a buy rating and a $10.00 price objective on the shipping company’s stock. Jefferies Group also issued estimates for Gener8 Maritime’s Q4 2017 earnings at ($0.06) EPS, FY2017 earnings at ($0.12) EPS and FY2018 earnings at $0.59 EPS.

A number of other research firms have also weighed in on GNRT. BidaskClub raised Gener8 Maritime from a sell rating to a hold rating in a research report on Wednesday, October 18th. Zacks Investment Research lowered Gener8 Maritime from a hold rating to a strong sell rating in a research report on Monday, October 23rd. Finally, ValuEngine lowered Gener8 Maritime from a buy rating to a hold rating in a report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $8.38.

Shares of Gener8 Maritime (NYSE GNRT) traded down $0.05 during trading hours on Monday, hitting $6.32. The stock had a trading volume of 455,187 shares, compared to its average volume of 839,471. Gener8 Maritime has a 12-month low of $4.17 and a 12-month high of $6.94. The company has a market cap of $530.41, a price-to-earnings ratio of -4.48 and a beta of 1.40. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.62 and a quick ratio of 1.62.

Gener8 Maritime (NYSE:GNRT) last announced its earnings results on Thursday, November 9th. The shipping company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($0.06). Gener8 Maritime had a positive return on equity of 1.16% and a negative net margin of 34.10%. The firm had revenue of $47.89 million during the quarter, compared to the consensus estimate of $47.06 million. During the same period in the prior year, the company posted ($0.01) EPS. The firm’s revenue was down 30.7% on a year-over-year basis. analysts forecast that Gener8 Maritime will post -0.22 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the company. Royce & Associates LP boosted its stake in shares of Gener8 Maritime by 11.0% in the 3rd quarter. Royce & Associates LP now owns 960,526 shares of the shipping company’s stock worth $4,332,000 after buying an additional 95,500 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Gener8 Maritime by 6.8% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 292,012 shares of the shipping company’s stock worth $1,317,000 after buying an additional 18,558 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Gener8 Maritime by 65.3% in the 3rd quarter. Wells Fargo & Company MN now owns 44,684 shares of the shipping company’s stock worth $201,000 after buying an additional 17,645 shares during the last quarter. Smith Moore & CO. purchased a new position in shares of Gener8 Maritime in the 3rd quarter worth $158,000. Finally, First Trust Advisors LP purchased a new position in shares of Gener8 Maritime in the 3rd quarter worth $296,000. Hedge funds and other institutional investors own 75.76% of the company’s stock.

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Gener8 Maritime Company Profile

Gener8 Maritime, Inc is a provider of international seaborne crude oil transportation services. The Company operates through the transportation of international seaborne crude oil and petroleum products with its fleet of vessels segment. As of March 10, 2017, the Company owned a fleet of 40 tankers on the water, consisting of 24 Very Large Crude Carriers (VLCCs), 10 Suezmax vessels, four Aframax vessels and two Panamax vessels, with an aggregate carrying capacity of 9.4 million deadweight tons (DWT) and one eco VLCC newbuilding.

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